A group of nine Japanese banks are set to trial a blockchain-powered interbank settlement system developed by Fujitsu.
The field trial will see the Japanese Payments Clearing Network (Zengin-net) use a dedicated digital currency and a Fujitsu-built blockchain-based platform for interbank settlement.
The participants want to test the viability of the technology for small-scale transactions using a real-time gross settlement method.
The trial will also use a P2P money transfer platform developed by Fujitsu last year to generate the money transfers that trigger interbank funds transfer settlement.